What Is the Average Cost of Family Health Insurance

Did you know that around 44 million Americans do not have health insurance? The reason that so many people take a chance with their health insurance is for financial reasons. If you are wondering “what is the average cost of family health insurance?” we have the perfect article for you below.

Keep reading to learn more about costs and some tips and tricks to help you find the best rates out there.

What Is the Average Cost of Family Health Insurance?

In 2018 the average cost per month for family health insurance was $1,168.00. The costs can vary based on family size, the states you live in, and how much coverage you opt for. Understanding the cost of the different plans means that you have to know what to expect when it comes to the deductibles and co-payments.

The deductible is how much money you will have to pay before your health insurance provider begins to pay for your coverage. The higher your deductible the lower your monthly premiums will usually be. Keep in mind that with some family plans you will probably have two deductibles (an individual deductible and a family deductible).

Copayments and Coinsurance

Another cost to take into consideration is your copayment. This is a fixed amount that you will pay every time you receive a service at either a hospital or a doctor’s office. The copayment might come into effect before or after you reach your deductible.

A coinsurance is a percentage that you will pay for covered services once you reach your deductible. You will more than likely pay coinsurance until you reach your out of pocket max.

Government Assitance

If your household income is not very high then you might qualify for government assistant to afford health coverage for you and your family. There is a Children’s Health Insurance Program (CHIP) that provides inexpensive or free health insurance to families with children that do not make enough money per month.

For families that make less than $99,000 annually, they might also qualify for some federal assistance or state programs to make health insurance affordable.

With Obamacare or the Affordable Care Act (ACA), there are tax credits for those that make a certain percentage of the federal poverty line and can’t afford to pay for health coverage. The lower your income and the larger your family size, the larger the subsidies you receive.

Ready to Shop Around for Health Insurance?

Now that you are more familiar with the average cost of family health insurance, you can start the research process in your area. This is the time to gather your options and see if you qualify for any government help. Even though the tax penalty for not having insurance was removed in 2019, you still do not want to go without it.

Did our blog post help you out today? Please feel free to browse around the rest of this section for some more helpful reads.

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